May 4th 2024.
This week in India, there was a lot of buzz in the startup world. A total of 27 startups, ranging from IPO-bound healthtech platform Pharmeasy to digital lending startup Kinara Capital, collectively raised over $340 million in funding. Out of these, there were nine growth-stage deals and eleven early-stage ones.
One of the major deals that grabbed headlines was PharmEasy raising $216 million in a round led by Manipal Education and Medical Group, along with other investors. Similarly, Kinara Capital also secured a significant amount of $24.4 million from Impact Investment Exchange and BlueOrchard Microfinance Fund.
In the healthcare sector, Portea Medical was able to secure $19.87 million through a rights issue. On the other hand, Charge Zone, an electric vehicle startup, received a funding of $19 million from British International Investment.
Moving on to early-stage funding, Fresh From Farm, a food-agri startup, raised $2 million with participation from Inflection Point Ventures. They have set a goal of achieving Rs 100 crore annual recurring revenue by the end of this year. According to data from Entrackr, a total of 11 early-stage startups raised around $30.31 million this week.
When it comes to the cities that attracted the most funding, Bengaluru was at the top with nine deals, followed by Delhi-NCR and Mumbai. Last week, a similar trend was observed, with 27 startups raising $222.7 million in funding. It is clear that the startup ecosystem in India is thriving, and we can expect to see more exciting developments in the future.
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